Vail Resorts’ Second-Quarter Profit Dips 33 Percent

Vail Resorts reported a 33 percent drop in second-quarter profit due to a slow start to the Colorado ski season, fewer real estate transactions and lower lodging revenue. Net income for the three months ended Jan. 31 fell to $40.7million, from $60.5 million a year earlier. Revenue was down 23 percent, from $388.8 million to $300.5 million.

Although conditions are now good, snowfall in the earlier part of the ski season was at 30-year lows at Vail’s Colorado resorts, leading to a 1.6 percent decline in visitation, he said.

Lodging revenue was $38.7 million, a 6 percent decrease from the same period last year. Average daily rate was down 2.1 percent, and revenue per available room dropped 11.1 percent.